Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Carrying Amounts and Fair Values of Financial Instruments Measured Based on Level 2 Inputs

The carrying amounts and fair values of the Company’s financial instruments as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net(a)	$	1,123,528	$	1,103,392	$	1,079,233	$	1,058,530
Notes receivable, net	133,082		133,082		136,039		136,039
Interest rate swap liabilities	990		990		—		—
Interest rate swap and cap assets	21,338		21,338		29,115		29,115

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(a) Excludes $10.3 million and $11.0 million of deferred financing costs as of March 31, 2023 and December 31, 2022, respectively.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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